How To Master Your Product Launch
Thursday July 7, 2016
Anyone who has seen the hit HBO series “Silicon Valley” knows that a new product launch can be a daunting experience fraught with pitfalls, mistakes, trial and error, and a whole lot of faith. But, just like Richard Hendricks and the boys from Pied Piper, if you have all your bases covered (at the core of things), and you know your product - if launched correctly - will change the world, all you need are some simple steps to achieve what your company set out to do.
What kind of preparation is needed for a new product launch?
Many companies that are launching new products often don’t get the dynamic impact they want with their new idea because they overlook vital preparations from the earliest stages.
- Know Your Market: Is your loyal customer base ready for your new product? Does it fulfill a need that people have? Is now the best time to launch based on the products capabilities? By answering these questions, you’re off to a good start.
- Know Your Competitors: Is there an entrenched company out there doing the same thing as you, but better? Pied Piper took on Hooli and Gavin Belson and came out on top, but much of that was due to dumb luck and daring. Can you afford to assume that you’re the only one trying to revolutionize the game? Find out.
- Know Your Company: New product launches are amazing but there is an old saying about eggs and baskets right? Find a balance for what you are doing now and where you want to be after your new product launches. Also, be sure you have the financial backing to cover all of your expenses. You can’t pay your developers in dreams.
How much development should go into our product?
Does your product do what you want it to do, and how well? Have you tested it? In Silicon Valley, CEO Richie gave his software to engineers who loved it. Everyone else was just baffled and therefore GONE without so much as a test drive.
The solution? A/B test everything. Multivariate test everything. Get your products in the hands of the most unlikely person to use it and see what happens. Then test it again. Make sure it works, and works well, for absolutely everyone without excess training.
Today is “Launch Day.” Are we ready?
If you followed the steps of development, yes. If your grandmother tested it and your new product came through with flying colors, you’re a go. If your customers are howling for something new right now, by all means, fire away. Remember, everything is a risk, and your jackets have already been printed.
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